exactEarth is a provider of global maritime vessel data for ship tracking and maritime situational awareness solutions.
Under the deal, Myriota Canada will buy four satellites, a global network of ground station assets, and the associated spectrum licences at a cost of C$600,000 (A$696,115). Part of this money will be re-invested as equity in Myriota.
Myriota chief executive and co-founder Alex Grant said: “This acquisition is a huge opportunity for our business to grow its North American footprint.
“Canada’s geography, scale and economic footprint share many similarities to Australia; making it a perfect location for our team to grow and roll out our low-cost, secure direct-to-orbit satellite connectivity.
"The increased capability generated because of this acquisition will also allow us to provide 24-7 operations from our offices in Australia and Canada.”
exactEarth chief executive Peter Mabson said: “The divestment of these non-core exactEarth satellite communication assets achieves several strategic and financial objectives as we position ourselves in-line with that of a pure-play data services business.
“This transaction allows us to maintain access to AIS data from the satellites to support our service, and will enable us to focus on the large market opportunity in front of us with our second-generation constellation.
"Myriota is a company that exactEarth has invested in and one that we have built a strong business relationship with, and we look forward to continuing to support Myriota’s growth.”